Advanced Search

Lucapa Pegs Lulo Resources at $1,246/ct.

Mar 27, 2017 10:02 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

The Lulo mine in Angola contains diamonds that are 54% more valuable than previously estimated, despite more than a year of resource depletion, according to the asset’s owner.

The estimated price of the diamonds in the mine grew to $1,246 per carat as of January 31, based on the latest modeling assessment, compared with an earlier estimate of $806 per carat in October 2015, Lucapa Diamond Company said in a statement on Monday.

During the 15 months between the two tests, the company mined and treated about 220,000 bulk cubic meters (bcm). It also carried out exploration, sampling and trial mining of existing and new alluvial blocks.

Total resources at the mine increased 10% to 606,600 cubic meters during the period, the company added, projecting that alluvial diamond mining would continue for more than four years at a rate of about 20,000 bcm per month.

Rough-diamond sale prices from the mine have exceeded the original resource estimate, with Lucapa garnering $2,983 per carat in 2016, the company pointed out. The standout find was a 404-carat rough diamond, which it extracted from the mine in February 2016 and which sold later that month for $16 million, or $39,580 per carat.

The report follows Lucapa’s announcement last week that the resource estimate for its newly acquired Mothae mine in Lesotho was $1,063 per carat.
Tags: Angola, Lesotho, lucapa, Lucapa Diamond Company, Lulo, mines, mining, Mothae, Rapaport News, Rough Diamonds
Similar Articles
Burgundy yellow diamonds 140Burgundy Diamond Mines Inks New Polished Deals
Aug 03, 2022
Australia-based Burgundy Diamond Mines has signed a two-stage agreement to provide polished fancy-color diamonds to prominent Perth
Lucapa 170ct pink diamond 140Lucapa Unearths 170ct. Pink from Lulo
Jul 27, 2022
Lucapa Diamond Company has recovered one of the largest pink diamonds in history: a 170-carat stone from
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2022 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.